Equilibrium Unemployment, Job Flows, and Inflation Dynamics
نویسندگان
چکیده
منابع مشابه
Inflation and Unemployment in General Equilibrium∗
When labor is indivisible, there exist efficient outcomes with some agents randomly unemployed (Rogerson 1988). We integrate this idea into the modern theory of monetary exchange, where some trade occurs in centralized markets and some in decentralized markets (as in Lagos and Wright 2006). This delivers a general equilibrium model of unemployment and money, with explicit microeconomic foundati...
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A stochastic general equilibrium model is constructed which is capable of examining the covariance properties between inflation and unemployment, both conditioned and unconditioned upon the state of exogenous real and monetary factors. Indivisibilities introduced into agents' labor choice decisions produce unemployment in equilibrium. It is shown that indigenous forces in a competitive economy ...
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A search-theoretic model of equilibrium unemployment is constructed and shown to be consistent with the key regularities of the labor market and business cycle. The two distinguishing features of the model are: (i) the decision to accept or reject jobs is modeled explicitly, and (ii) markets are incomplete. The model is well suited to address a number of interesting policy questions. Two such a...
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This paper studies worker flows dynamics in Japan for the period between 1980 and 2009. We construct gross worker flows data from the monthly Labour Force Survey. Our data enables us to examine the size and cyclical patterns of the flows and transition rates between the states of employment, unemployment, and not-in-the labor force. We find that the cyclical pattern of worker flows is similar t...
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We study the effects of firm’s credit condition on (1) labor market performance and (2) the inflation and unemployment relationship, in a new monetarist model. Better credit condition has positive impact on labor market as firms save on financing cost, improve profitability, and thus create more vacancies. Inflation increases the financing cost and thus discourages job creation. On the other ha...
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ژورنال
عنوان ژورنال: Journal of Money, Credit and Banking
سال: 2009
ISSN: 0022-2879,1538-4616
DOI: 10.1111/j.1538-4616.2008.00185.x